Ordinance No. 184

Ordinance No. 184

An ordinance providing for the issuance of internal improvement bonds for the City of Troy, Kansas, in the sum of $71,483.64 to pay the cost of improving certain streets in said city and repealing all ordinances and parts of ordinances in conflict herewith.

Whereas, the cost of curbing, guttering, excavating and paving Main Street in the City of Troy, Kansas, from the tracks of the Chicago, Rock Island & Pacific Railway Company to the north line of Locust Street in said city has been determined and ascertained, and the portion thereof to be paid by general tax to be levied on all taxable property within said city for the improvements and the squares and areas formed by the intersection of the streets and alleys and for city property, and for which bonds are to be issued as hereinafter provided, has been ascertained and is hereby determined to be the sum of $19,854.66; and the portion thereof to be paid by special assessment levied upon the lots and pieces of ground liable therefor has been ascertained and is hereby determined to be $47,293.68, and said last-named amount has been heretofore duly assessed and apportioned to the several lots and pieces of ground in said city liable therefor, payable in annual installments according to law and as provided by Ordinance No. 180 of said City of Troy; that the property owners have paid to the said city treasury within the period allowed by law the sum of $3,604.96; and the remaining unpaid by property owners specially benefited and assessed, the sum of $44,533.61, and that bonds will be issued by said City of Troy for the payment of said balance together with the cost of paving, guttering, curbing and excavating the public and areas formed by intersecting streets and alleys.

Now Therefore, be it ordained by the Mayor and Councilmen of the City of Troy, Kansas:

Sec. I.

That the cost of paving, guttering, curbing and excavating Main Street in the City of Troy from the Chicago, Rock Island & Pacific Railway Company tracks to the north side of Locust Street, after

deducting the assessments heretofore paid thereon by property owners along said street and deducting the cost of paving, curbing, guttering and excavating the intersecting streets and alleys thereon is the sum of $41,483.64; that the cost of paving, curbing, guttering and excavating the intersecting streets and alleys on said street is the sum of $19,854.66; and that said City of Troy shall issue its bonds in the sum of $61,338.30 to secure money to pay for said improvements.

That said cost shall be divided into ten annual installments as provided by law, and that for the purpose of paying such installments there shall be issued Internal Improvement Bonds of the City of Troy, Kansas, dated July 15, 1920, numbered 1 to 70 inclusive, which shall bear interest at the rate of 6% per annum, payable semi-annually on the 15th days of January and July of each year until maturity, and the semiannual installments of interest shall be evidenced by interest coupons attached to said bonds.

Said bonds shall be numbered and shall mature in amounts as follows:

Bond Nos. Amount Due Date
1 $388.60 July 15, 1921
2–7 inclusive $1,000.00 each July 15, 1921
8 $100.00 July 15, 1922
9–14 inclusive $1,000.00 each July 15, 1922
15 $100.00 July 15, 1923
16–21 inclusive $1,000.00 each July 15, 1923
22 $100.00 July 15, 1924
23–28 inclusive $1,000.00 each July 15, 1924
29 $100.00 July 15, 1925
30–35 inclusive $1,000.00 each July 15, 1925
36 $100.00 July 15, 1926
37–42 inclusive $1,000.00 each July 15, 1926
43 $100.00 July 15, 1927
44–49 inclusive $1,000.00 each July 15, 1927
50 $100.00 July 15, 1928
51–56 inclusive $1,000.00 each July 15, 1928
57 $100.00 July 15, 1929
58–63 inclusive $1,000.00 each July 15, 1929
64 $100.00 July 15, 1930
65–70 inclusive $1,000.00 each July 15, 1930

Said bonds shall be signed by the Mayor, attested by the City Clerk, and have the corporate seal of the City of Troy affixed thereto, and the lithographed facsimile signature of the Mayor and the City Clerk on said city bonds, and interest coupons shall be payable.

Sec. III.

The Mayor and City Clerk are hereby authorized and directed to prepare and execute said bonds and coupons as are in this ordinance provided, and when so executed said bonds shall be registered by the City Clerk of Troy, Kansas, and with the State Auditor of the State of Kansas, and the said holders of said bonds to make prompt payment of said bonds and interest as provided herein, and the said Mayor and Council of said City shall annually make provision for the payment of the principal and the interest of said bonds as they severally become due by levying a tax on the property liable therefor.

Sec. IV.

All ordinances and parts of ordinances in conflict herewith are hereby repealed.

Sec. V.

This ordinance shall take effect and be in full force from and after its publication in the Kansas Chief.

Passed and approved.

(Seal)

N. L. Macomber
Mayor

Attest:

Grace B. Finley
City Clerk

By Mae A. Rudy, Deputy